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LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)
 6 Months Ended
Jun. 30, 2022
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]  
Loans Held at Carrying Value
The following tables summarize the Company’s loans held at carrying value as of June 30, 2022 and December 31, 2021:
As of June 30, 2022
Outstanding
Principal (1)
Original
Issue
Discount
Carrying
Value (1)
Weighted
Average
Remaining Life
(Years) (2)
Senior term loans$326,181,229 $(10,299,185)$315,882,044 2.9
Total loans held at carrying value$326,181,229 $(10,299,185)$315,882,044 2.9
 As of December 31, 2021
 
Outstanding
Principal (1)
Original
Issue
Discount
Carrying
Value (1)
Weighted
Average
Remaining Life
(Years) (2)
    
Senior term loans$270,841,715 $(13,678,219)$257,163,496 3.4
Total loans held at carrying value$270,841,715 $(13,678,219)$257,163,496 3.4

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.
(2)Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2022 and December 31, 2021.
Changes in Loans Held at Carrying Value
The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2022:
Principal Original Issue
Discount 		Carrying Value
Total loans held at carrying value at December 31, 2021$270,841,715 $(13,678,219)$257,163,496 
New fundings116,200,972 (4,253,401)111,947,571 
Accretion of original issue discount— 7,632,435 7,632,435 
Loan repayments(52,014,211)— (52,014,211)
Sale of loans(10,000,000)— (10,000,000)
PIK interest1,981,755 — 1,981,755 
Loan amortization payments(829,002)— (829,002)
Total loans held at carrying value at June 30, 2022$326,181,229 $(10,299,185)$315,882,044 
Loans Held at Carrying Value Portfolio
A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of June 30, 2022 is as follows:
Collateral Location
Collateral
Type (1)
Outstanding
Principal (2)
Original
Issue
Discount
Carrying
Value (2)
Interest
Rate
Maturity
Date (3)
Payment
Terms (4)
Private Co. CPAC, D$24,534,371 $(658,414)$23,875,957 17.8 %
(5)
12/01/2025P/I
Sub. of Private Co. GNJC, D55,349,240 (2,089,607)53,259,633 14.9 %
(6)
05/01/2026P/I
Public Co. FAR, AZ, IL, FL, NV, OH, MA, MI, MD, NVC, D86,600,000 (1,184,533)85,415,467 8.6 %
(7)
05/30/2023I/O
Sub. of Private Co. HILC5,781,250 (66,732)5,714,518 15.0 %
(8)
05/11/2023I/O
Private Co. K MAC, D9,730,000 (965,656)8,764,344 13.7 %
(9)
05/03/2027P/I
Private Co. IMDC, D10,661,155 (189,629)10,471,526 16.3 %
(10)
08/01/2026P/I
Private Co. J MOC23,525,213 (623,185)22,902,028 17.8 %
(11)
09/01/2025P/I
Sub. of Public Co. HIA, IL, MI, NJ, PAC, D60,000,000 (2,057,143)57,942,857 9.8 %
(12)
01/01/2026I/O
Private Co. LMO, NJ, OHC, D50,000,000 (2,464,286)47,535,714 12.0 %
(13)
05/01/2026P/I
Total loans held at carrying value$326,181,229 $(10,299,185)$315,882,044 
(1)C = Cultivation Facilities, D = Dispensary/Retail Facilities.
(2)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.
(3)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
(4)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
(5)Base interest rate of 9.0% plus Prime (Prime floor of 4.0%) and PIK interest rate of 4.0%.
(6)Base weighted average interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.
(7)Base weighted average interest rate of 8.6%.
(8)Base interest rate of 15.0%.
(9)Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%)
(10)Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.
(11)Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.
(12)Base interest rate of 9.8%.
(13)Base interest rate of 12.0%.